Freedom Property subsidiary sells noncore residential units

Zambesa Investments, a wholly owned subsidiary of JSE-listed Freedom Property Fund, has agreed to sell eight residential units and 33 service stands, collectively called Tubatse Homes, in Burgersfort. The purchase consideration is R12.6-million and comprises a deposit of R2.52-million, which is payable by August 20, and the balance of R10.08-million, which is payable by August 27.

Freedom said in a statement on Wednesday that the sale was in line with its strategy of divesting of noncore assets. The proceeds will be used to reduce debt in the group, in particular, mortgage bonds held with Nedbank.